CVS Caremark Q1 profit slips 1%

By Staff Writer

New York City -- CVS Caremark said Thursday its profit dipped 1% in the second quarter to $816 million as its pharmacy benefits management business weathered lower prices on contract renewals. Revenue rose 11% to $26.63 billion from $24.01 billion.

Revenue from CVS drugstores increased 3.6% to $14.83 billion. Same-store sales were up 2%, with pharmacy sales up 2.6% and front-end revenue up 0.8%.

CVS opened 41 stores during the second quarter and operated 7,266 retail drugstores at the end of the period.

In other news, MinuteClinic, the walk-in health clinic division of CVS, plans to add 100 new clinics per year for the next five years.